... the company conducts presentations for potential investors — a road-show. Management meets with large investors (funds, banks) to explain the business model and growth prospects. Marketing activities may also occur simultaneously: press releases, analytical reviews, and interviews with leadership to increase interest in the offering. Pricing and share placement. Based on the received applications and consultations with the underwriter, the final placement price and issuance volume are established....

... and information asymmetry. Private companies are not required to disclose the same information as public issuers. Limited transparency makes accurate business valuation difficult. Investors will have to rely on the company’s internal data and their analytical conclusions, increasing the risk of mispricing. Macroeconomic and regulatory risks. The state of the economy and the overall condition of the stock market influence the attractiveness of IPOs. In Russia, specific factors apply: currency fluctuations,...

... to increase production starting in September, and expectations of increased volumes are moderating the situation. Additionally, concerns over slowing global economic growth and weak demand in China are preventing prices from spiking sharply. Several analytical agencies have revised their forecasts, anticipating an average Brent price in the fourth quarter of 2025 at around $60–65 per barrel. However, most experts believe a deep price collapse is unlikely; as prices approach critically low levels,...

... increase oil production starting in September, and these additional volumes are moderately cooling the market. Concerns regarding a slowdown in the global economy and weak demand dynamics in China are also preventing prices from surging sharply. Several analytical agencies have already revised their forecasts, expecting the average price of Brent in the fourth quarter of 2025 to hover around $60–65 per barrel. Nevertheless, most experts believe that a deep price collapse will not occur: as critical ...

... pressure due to potential new sanctions from the U.S. — if this threat materializes, a surge in volatility in the currency market and a decrease in risk appetite for local assets can be expected. The Central Bank of the Russian Federation published analytical materials earlier this week indicating a slowdown in inflation in July, signaling a possible pause in raising the key interest rate. This supports interest in bonds: OFZ yields continued to decline, and the state bond index RGBI stabilized ...